Cryptocurrency is booming right now and you’re probably wondering where to invest your crypto coins. There are numerous marketplaces popping up across the digital web designed to purchase and sell NFTs via cryptocurrency! OpenSea is one of them, and it’s worth looking into.
If you’re familiar with cryptocurrency you’ve likely heard of OpenSea previously for a valid reason. It’s now one of the largest and most popular marketplaces for cryptocurrency enthusiasts due to its safety and speedy transactions.
So, hop on board and let’s see what you can do with OpenSea and also see what NFTs you can view!
Before you continue, you may want to watch this video by TopHatCat on YouTube that gives a quick overview. After, you’ll want to read the rest of our article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace Nft Scholarship
The purpose to create OpenSea was to simply provide an online marketplace for artists to upload their commissions without any extra fees. It has more functions that let you sell your work without having to deal with many difficulties.
In terms of the registration process, you don’t have to give any personal information about yourself. All you have to do is connect your crypto wallet–and voila!–you have an account with OpenSea! It’s as easy as that, without much hassle as you step into NFTs.
The most widely-used cryptocurrency used on the OpenSea market is Ethereum (ETH). This marketplace is built on the Ethereum blockchain system, and this is used to carry out the majority of processes. It also functions with the Polygon blockchain to ensure lower costs and faster trading.
With these two kinds of blockchains it is possible to choose which one you want to publish your NFT as a seller. This ensures the safety of your NFT as well as those who wish to purchase it. All transactions will be made by using the blockchain, so you should consider where to upload it.
OpenSea: NFT Collection Galore
At OpenSea, it is like an endless online mall that lets you trade your cryptocurrency or NFTs in exchange for other NFTs. You can buy anything the simplest domain name to an official artwork from an artist that you admire. Anyone can be a seller however, it takes time for anyone to become an established seller.
There are a variety of NFTs from the selection of NFTs available at OpenSea and you can also be a part of the collection! You can start your own personal market here, along with finding NFTs you’d like to buy yourself.
What is an NFT?
In a recent advancement for the crypto industry,”NFT,” a popular term in the crypto industry “NFT” has been going around for so long on the internet that the majority of young people are familiar with it but not exactly sure what it means. Let’s break down what an NFT is for any beginners in cryptocurrency.
One of the latest ways that you can buy with cryptocurrency is an NFT. The NFT is a non-fungible currency which is extremely unique and can’t be substituted. This can be an item of rareness, such as rare baseball trading cards in mint condition, or a unique vinyl album.
There’s no limit to what an NFT can be as it’s a non-fungible item you’re selling online. In simpler terms, you could just consider an NFT to be a type of digital collectible which is only paid in cryptocurrency.
Minting is like calling dibs for your personal NFTs. It is a way of claiming the owner of the item or token you uploaded on the marketplace, and you’re selling it. Typically, this is official after you fill in all the necessary information about the NFT and finally submit it for sale on.
On OpenSea, it’s a simple process to mint your NFTs by going to the store and making a collection to begin! Input the appropriate and complete information about your NFT and then select what type of settings you’d like to use it with (e.g. blockchain, payments tokens). After that then you’re able to upload it to the internet if it’s in the 100 MB limit.
You can watch and see how the transactions go from now on to determine whether OpenSea is the right marketplace for you.
What NFTs are available here?
At this point, you’re probably wondering what kind of NFTs can be purchased here and what you can also sell if you choose to go down that path. The type of NFT it is unlimited since there’s a broad range of ways to do it.
You could be selling digital items, trading cards game assets, domain names, and some physical items! Consider what you believe will yield the most profit when you try out OpenSea.
OpenSea: Collection Manager Feature
This Collection Manager features is one of the things that sets OpenSea from the other options. There are no gas costs when you use this feature when you mint and sell NFTs. This simply means that you’ll receive the maximum profits when you begin selling since you don’t need to pay on additional fees.
There aren’t many NFT marketplaces provide this feature, so this can be a fantastic way to earn a high return from your portfolio.
The Referral Program is another distinctive feature of OpenSea to admire. Like traditional online marketplaces there are rewards when you refer someone else to OpenSea! If you refer a friend to join OpenSea and then purchase an NFT from there you’ll earn 2.50 percent of the sales amount, letting you earn more money from this act.
Other NFT marketplaces don’t have this feature and that’s another advantage OpenSea has over the other marketplaces.
There is an OpenSea mobile app, but it’s mostly used for perusing through the marketplace. Unfortunately, you can’t purchase or sell anything as you scroll through the list.
The mobile apps from OpenSea are accessible for both iOS as well as Android. While you’re not able to buy or sell things, you can explore the products you’re looking for on the move.
Crypto Exchange Platforms
Numerous cryptocurrency exchange platforms are available to you, and you can exchange your fiat money for cryptocurrency using these platforms. Nft Scholarship
You can swap your fiat currency using a credit card or Paypal on these reliable websites for cryptocurrency:
- Bittrex and many more!
All of them have the option to exchange for ETH that is the most common crypto payment in OpenSea.
Although OpenSea is an NFT marketplace that is open to all kinds of cryptocurrency, the wallets nevertheless more compatible than other. Since it is built mainly using the ETH blockchain, wallets which are part of the same network are suitable for this website.
Here’s a list of various crypto wallets that you can use in OpenSea:
- Authereum and more!
*Note: Wallets that are compatible with crypto can be seen on OpenSea’s FAQ page. Each has its own limitations, such as easy registration, only mobile usage, and the function to purchase cryptocurrency with a credit card. Nft Scholarship
To know more about it You can go through their FAQs for the steps you can start and which other wallets are compatible with OpenSea.
Pros and Cons of OpenSea
Like all crypto markets every one of them has advantages and drawbacks. OpenSea isn’t an exception to this. It is possible to read about its pros and cons here:
- Mobile apps available for iOS or Android.
- Smart contracts can be used to perform transactions.
- High-level security with the support of blockchain.
- Best for beginners in the crypto world and NFTs.
- Allows royalty rates of up to 10% for artists (low royalty).
- You cannot buy or sell products via the mobile app.
- Only supports cryptocurrency as its method of payment.
- The use of a Crypto wallet is required to access this marketplace.
OpenSea is open to everyone who has any crypto currency in their cryptocurrency wallets. When you are selling, OpenSea takes a 2.5% portion of commission fees for all sellers on the platform. But overall, you can quickly recover this amount if you actively sell because there’s no additional cost for it.
Frequently Asked Questions Nft Scholarship
What is OpenSea?
OpenSea can be described as an NFT marketplace that is designed to offer artists a way to market their work online to receive cryptocurrency as a form of payment. It’s a great platform for artists who use for selling NFTs because of its zero gas costs and low commission fee rate which you are required to pay.
You can browse and shop for the vast array of digital products on this NFT marketplace which is why you should definitely check it out!
Is OpenSea legitimate and secure?
Answer: Yes! OpenSea has been a reliable marketplace since it was founded on the 1st of December in the year of 2018. Because its system is based on a blockchain that is secure, you can declare that transactions are safe and secure.
Furthermore, as a seller, you’ll be verified when you build up your reputation. A blue checkmark will be assigned next to your account or the collection you uploaded to reassure any customer. The OpenSea team reviews regularly the contents to ensure users are secure.
How can I earn royalties from OpenSea?
As an artist, you will get only 10 percent of the royalties after you have uploaded the NFT. This is thought to be a reasonable amount compared with others NFT marketplaces.
What are the cryptocurrency options offered in OpenSea?
Ethereum (ETH) can be commonly utilized on this website and numerous others to cater for many more crypto users. These are other cryptos that you can buy on the OpenSea marketplace:
These are the cryptocurrencies that you can use to access OpenSea.
How do I pay for OpenSea? What are my payment options for OpenSea?
OpenSea is the only platform that allows cryptocurrency exchanges through its website. You can buy and sell cryptocurrency through trusted platforms with fiat money. All you have to do is connect your credit card or Paypal to complete the transaction.
Does OpenSea has a mobile or desktop application?
As we mentioned earlier There is an official mobile application from OpenSea for both iOS or Android. You can download it through their app store, and begin exploring the collection right now!
There is also a desktop application for OpenSea which can be downloaded from WebCatalog. With the desktop application you are able to manage multiple accounts and get notifications about updates to your account when you’re on the desktop.
You can also easily access the website from the browser by going to their official website (https://opensea.io/).